If you want to stay on top of your credit like I do, you have quite a few options that you can take advantage of in order to monitor your credit. With the passage of the Fair Credit Reporting Act legislation the federal government gave consumers the ability to pull their credit reports from each of the three agencies, TransUnion, Equifax and Experian, once a year. AnnualCreditReport.com is the government site where you can go to get your 3 free credit reports each year. I like to stagger them every 3 months or so, to get the most impact froom checking my reports throughout the year.

While you can get your credit report for free through the government site, if you want to find your credit score you'll have to pay an extra fee when pulling your credit report. But nowadays there are also a handful of sites out there that are offering your credit score for free , in exchange for using their sites – usually which offers deals on credit, loans and other financial products.

Credit Sesame is one of those sites, and they're offering you a free credit score – with no obligations, credit cards or other strings. Today I thought I'd do a quick look at the site.

Free Experian Credit Score At Credit Sesame

Credit Sesame has gotten quite a bit of buzz in the blogosphere recently. Why? Because they offer a free Experian credit score, without having to enter a credit card like some sites require.

I just signed up for Credit Sesame a couple of weeks ago after reading about the service on Twitter. I had just learned about Credit Karma and how you could get a free TransUnion credit score from them, and someone told me that the same thing was possible with Credit Sesame. So I decided to give it a go.

The Sign-up Process

Getting going with Credit Sesame was actually easier than I thought it would be. Basically they'll ask you for some basic personal info, a home address and then ask whether you are a homeowner or if you rent. Then in the next step it will ask for your social security number so it can pull your Experian credit file. If you're not sure about giving that info out, you may not want to proceed. The site is secure, however, and I'm ok with doing that. Once you enter your social, it will ask you to verify some information credit file information so that it knows you are who you say you are.

Getting Your Credit Score

After you signup you'll be taken to your Credit Sesame overview page where it takes a look at your current situation. Right there on the homepage under the “My Finances” heading, they'll show you your free credit score from Experian. What you're seeing is Experian's “National Equivalency Score”. Please note that each of the agencies has their own score, and this is different from your FICO score, which should be similar- but is different.

My score came up as a 789, which is comparable to the 780 that I got with Credit Karma/TransUnion. Not too shabby! How could I do better? Maybe actually use some of the credit that I have? (Do you see the “0% credit usage” in the graphic above?)

Finding Better Loan Options

For those who signed up as homeowners at the beginning of the process, Credit Sesame will also give you some further data including an estimated home value via eppraisal.com, a goals section where they show you how you can improve, and if you have outstanding loans, they'll give you some examples of how you can improve your current situation. They'll only show you loan options that you're likely to qualify for after running your credit profile and score, so there won't be a whole lot of bait and switch with rates and fees. What you see should be essentially what you get.

Their home loan technology is now actually integrated with Mint.com as that website's “home loan finder”, so you know it will be easy to use and effective – like mint.com

When I ran Credit Sesame against my situation they were able to offer me a few options our our only current debt – our home mortgage. They found us several lower rates on mortgages, but the closing costs associated with the deals made them somewhat a non-starter since by the time we would have them paid back through lower payments, we'll probably already be thinking about moving again. But for most people who are planning on staying put for a while, you'll probably be able to find some decent deals.

What's To Like About Credit Sesame

Credit Sesame has a lot of good stuff going for it. Here are a few things I like about the service.

It's a free service – and a free credit score! What's not to like about getting a free credit score without having to provide a credit card number? You might even find a better deal on a home or other loan.

Regularly updated credit scores: Your credit score is updated every month, so you can stay on top of your credit for drastic score swings -to tip you off that there might be a problem. Use it as part of a home-grown ID theft plan!

Save on home loans and other credit: Credit Sesame will show you if your current loan is a good deal, and if they can find a better deal they'll give you all the details up front about closing costs, break even time for refinancing, total savings and more.

Conclusion

Signing up for Credit Sesame was easy, painless and only took a minute. What it offers is well worth it. They give you your Experian credit score for free, when normally you'd have to pay to see it, or sign up for a free trial offer of some sort. They also give you some good options when it comes to refinancing your home mortgage if you have one, giving you the chance to save a ton of money on your mortgage.

Credit Sesame is now becoming a part of my homegrown credit monitoring plan where I'll be using it in conjunction with Credit Karma, AnnualCreditReport.com and Quizzle. All of these services will give you a free credit report or free credit score. You don't have to pay a ton to stay on top of your credit, just use the freely available services like Credit Sesame to keep tabs!

Credit Sesame is free to use and there is no obligation to continue using it if you don't want to, so you've really got nothing to lose. Head on over today, sign up and see where your credit score is!

Your credit history matters a great deal. From loan rates to getting some jobs, what's in your credit report can make a difference in your finances and in your life. If there is a mistake on your credit history, you could be impacted rather surprisingly. An erroneous negative item can bring down your score, and that means you could pay more in interest when you get a loan, or that you could end up losing out on some other financial opportunity, such as a better insurance rate.

Regularly check your credit report for errors, and fix mistakes that you find. That way, you stand a better chance of having an accurate score that lenders are impressed with.

Check Your Credit Report Regularly

You can get access to your free credit report at AnnualCreditReport.com. You are entitled to one free report each year from each of the three major credit bureaus, as well as reports from some of the other credit reporting agencies. Get your free report, and check it over. Look for discrepancies in your payment history (very important since this is the weightiest factor), as well as other inaccuracies, such as who closed an account, and personal information. Also, make sure that all of the loans reported are actually loans you applied for. An unexpected loan that you didn't apply for could be a tip off that your identity has been stolen.

Fix Mistakes on Your Credit Report

If you find mistakes on your credit report, you need to fix them. Negative items can impact your score to an alarming degree — especially if there are multiple mistakes, or if the mistake is a major one. Here are the steps you need to take to fix a mistake on your credit report:

Contact the credit bureau in writing: Write a letter to the credit bureau, including your personal information, and the information that is inaccurate. Include a statement about what the accurate information should be. Some consumers like to enclose a copy of their report, with the offending item(s) circled in order to make it clear. If you have documentation, enclose copies (never originals) to back up your claim. Send the letter via certified mail so you can verify that the credit bureau received it.

Contact the reporting creditor: If you want to speed things along, you can do so by contacting the creditor and talking about the mistake. You can contact by phone, but sending a letter, using the same info you sent to the credit reporting agency, can help, too.

Wait for word: By law, credit reporting agencies have to investigate your dispute in a reasonable time period. Usually, the decision is made within 30 days. Wait to find out the outcome of the situation.

Take action: If you don't agree with the action, you can appeal the decision. Or, you are allowed to include a note of explanation on your credit file so that others can see your side of the story. If the credit bureau says that you are right, and agrees to change the information, double check after a couple of weeks to make sure that your credit report is now accurate.

Don't let mistakes remain in your credit report. You want to make sure that everything is properly sorted before you apply for major loans. Otherwise, you might find that you have problems with your financial transactions. Check your credit report, and fix errors, and you'll have a better chance at smooth sailing.

With the passage of the Fair Credit Reporting Act legislation it became a lot easier and friendlier on the wallet for average people to get a better handle on their credit situation. The law attempted to regulate a consumer credit industry that was hard for people to navigate, and make it more accessible – and easier – for people to figure out if there were any black marks on their record. By giving people access to their consumer credit file at least once a year, it was hoped that people could make more informed decisions, and be better able to improve their credit when problems were found. After all, your credit history is more important than ever!

Over the past couple of years it has become even easier for consumers to keep tabs on their credit situation with the launch of companies that will now give you your actual credit agency credit scores (or reports) for free as a tie-in to buy other products. Since you're not obligated to buy anything, however, it can end up being free to get your credit scores or reports. The ways mentioned below to get your credit score are all ways that I've personally used to stay on top of my own credit – and I highly recommend them.

Get Your Free Annual Credit Reports

First, let's start off with the three credit agencies, Equifax, Experian and TransUnion, and how to get a free credit report from each. It's simple. The government has a site at AnnualCreditReport.com that will allow you to get 1 free credit report from each of the 3 agencies every year. It should be noted that this is your credit report, not your credit score – which is not included for free. You normally would have to pay an extra fee to get that.

To maximize the impact that I'm getting from checking my reports I like to stagger checking my credit reports throughout the year. I check one agency every 4 months or so. That way I'm checking my reports more often, and I'm more likely to catch something if there is a problem.

Free Equifax, Experian And TransUnion Credit Scores

Equifax, TransUnion, and Experian all have their own version of a credit score that they put out, and it's a good idea to stay on top of these. Normally you would have to pay to get each one of these, but here’s how to get them for free.

NOTE: There is a myth out there that checking your credit score or report can actually hurt your credit score. That's not true as when you check your own credit it is considered a “soft inquiry”, which has no affect. When a lender checks it is a “hard inquiry”, which does affect your credit.

Equifax Credit Score

Equifax has a 30-day free credit monitoring trial offer. If you sign up for this offer you'll have access your Equifax credit score along with a variety of other perks. Just make sure to cancel the trial before it starts billing or it won't be free.

TransUnion Credit Score

The free credit monitoring service at Credit Karma will give you your TransUnion credit score for free, without giving them a credit card or other payment. I’ve been using Credit Karma for a few years now, and like the ability to get my score for free at any time. So how do they pull your credit file? You'll need to provide a driver's license number and a social security number in order to get your credit score. The service makes money by making product recommendations once you pull your score.

Experian Credit Score

There are a couple of places that you can go to get your Experian credit score for no charge. The first one is my favorite, and conjures up the idea of Alibaba and the forty thieves. It's called Credit Sesame. Credit Sesame is a credit and debt monitoring site that will take a look at your current financial situation, and then try and find better options for any consumer loans you might have. Signing up is easy and free of charge. You'll just need to provide some basic personal details as well as a social security number, and then you'll have access to a monthly credit score pull. I've been using them for a month or so now, and so far I'm loving it!

Another place that will give you your Experian credit score for free is the financial site called Quizzle.com, brought to you by Quicken Loans. This site also asks for some basic personal information and a social security number, and you'll then be provided with your Experian credit score. The site, like the others, is offering the free credit score as a lead-in to try and get you to use their financial products – either home loans via Quicken Loans, or other financial products. One thing I really like about Quizzle as well is that not only do they provide you with a free credit score, but they give you your Experian credit report for free as well! A 2-in-1 free credit score and report deal!

FICO Credit Score

While you can get your TransUnion and Experian credit scores for free without a credit card or signing up for a free trial, the one actually used by many banks, the FICO score, is a bit harder to find free of cost. The only real option at this time that I can find is if you sign up for one of the credit monitoring sites on a free trial. Here's one option:

Again, just remember to cancel before the trial is up, otherwise you'll have to pay.

Get Your Credit Score When Taking Out A Loan

Another way to get a free credit score is to ask for it whenever you sign up for any kind of consumer credit. Whenever you get a loan, anything from an auto loan to a home loan, you may have the right to see the credit score the company used in making their lending decision. Depending on where you're getting the loan, and what agencies they use, you could be getting one two or all three agency scores, or just a FICO score. In any event, it doesn't hurt to ask to see this information, and if necessary, dispute any inaccuracies you find.

Do you currently check your credit scores and reports on a regular basis? Have you ever identified issues or identity theft? Do you have other services you use to find your credit information for free? Tell us about it in the comments!

Disclaimer

The information contained in SmartOnMoney.com is for general information or entertainment purposes only and does not constitute professional financial advice. Please contact an independent financial professional for advice regarding your specific situation.

In accordance with FTC guidelines, we state that we have a financial relationship with some of the companies mentioned in this website. This may include receiving access to free products and services for product and service reviews and giveaways.

Any references to third party products, rates, or websites are subject to change without notice. We do our best to maintain current information, but due to the rapidly changing environment, some information may have changed since it was published. Please do the appropriate research before participating in any third party offers.